The Austrian Theory of the Trade Cycle and Other Essays by Ludwig von Mises, Murray N. Rothbard, Gottfried Haberler,

By Ludwig von Mises, Murray N. Rothbard, Gottfried Haberler, Friedrich A. Hayek

Booms and busts are usually not endemic to the loose industry, argues the Austrian idea of the company cycle, yet happen via manipulation of cash and credits via primary banks. during this monograph, Austrian giants clarify and shield the speculation opposed to choices. contains essays through Mises, Rothbard, Haberler, and Hayek. In his later years, Professor Haberler allotted a lot of those monographs to pals and colleagues. new version with an advent through Roger Garrison and an index.

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From this, however, it does not follow that the same is true if prices fall because of a lowering of costs. It is now generally accepted that the period preceding the present depression was characterized by the fact that many technological improvements, especially in the production of raw materials and agricultural products, but also in the field of manufacture, took place on a large scale. The natural thing in such a situation would be for prices to fall gradually, and apparently such a fall of prices cannot have the same bad consequence as a fall of prices brought about by a decrease of the amount of money.

They have to be abandoned, and productive resources are returned to the older, shorter methods of production. This process of adjustment of the vertical structure of production, which necessarily implies the loss of large amounts of fixed capital which is invested in those longer processes and cannot be shifted, takes place during, and constitutes the essence of, the period of depression. Unfortunately, it is impossible to discuss here all the steps of this process and to compare them with the corresponding phases of the business cycle of which they 47 THE AUSTRIAN THEORY OF THE TRADE CYCLE AND OTHER ESSAYS are the picture and explanation.

48 GOTTFRIED HABERLER Now, what in a communistic society is done upon a decision of the supreme economic council is in our individualistic society brought about by the collective but independent action of the individuals and carried out by the price mechanism. If many people, individuals or corporations, decide to save, to restrict, for some time, their consumption, the demand for and production of consumer's goods declines, productive resources are shifted to the upper stages of production, and the process of production is being lengthened.

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